Daily Market Report 01/05/12

GOLD

Gold had an active trading range today, reaching $1,595 on the low side and $1,624.60 was the high of the day. At 11am, PDT the price is trading at $1,622.90, virtually unchanged from yesterday.

While the tensions between Iran and the West will continue to bolster gold, as safe-haven interest, the ADP Employment report, released this morning, showed an increase of 325,000 jobs in December. This information provides guidance on the upcoming U.S. Labor Department jobs estimate. 

SILVER

At 11am Silver is up $0.06 cents on active trading, at $29.42 per ounce on excellent volume.

India’s demand for silver, in the face of a very week Rupee versus the U.S. Dollar, continues to be very strong. Heavy demand for physical silver is also coming from China ahead of the Chinese New Year but it should lighten as the month continues

Considering that total 2011 sales had stood at an all-time record of 39.8 million, the January 3rd sale of the new 2012 Silver Eagle is almost 8% of entire 2011 sale (3.2 Million ounces) and higher than any single monthly sale in all of 2011.

Silver Institute Releases Silver Investment Market Report

http://www.silverinstitute.org/site/2012/01/04/silvers-average-annual-price-for-2011-a-record-high/